Silicon Valley analytic software firm FICO said it has been awarded seven new patents related to fraud, artificial intelligence (AI) and advanced analytics.
FICO said it currently holds 188 US and foreign patents and has 89 pending patent applications.
“FICO focuses on helping organizations get the most business value from analytics, to optimize their business processes and drive real-time actions,” said Stuart Wells, FICO’s chief product and technology officer.
“These patents are breakthroughs that are driving innovations in areas such as fraud detection, marketing, Big Data and more.”
Three of the patents awarded are innovations in the FICO Falcon Platform, which uses machine learning to detect transactional fraud by providing “deep behavioral analytic insight” into transaction activity.
“The Falcon Platform is the world’s most intelligent payment fraud detection solution, protecting more than 2.6 billion cards worldwide,” said FICO.